Mid-Sized Banking and Financial Services Institutions Adopt MetricStream's Content-Driven Governance, Risk, and Compliance Solutions
PALO ALTO, Calif., March 19, 2013 /PRNewswire/ -- Mid-sized Banking and Financial Services Institutions (BFSI) are choosing MetricStream's affordable, easy-to-use, and pre-packaged Governance, Risk, and Compliance (GRC) solutions to meet their increasingly complex risk management, internal audit, IT-GRC, vendor governance, and regulatory compliance needs. MetricStream solutions are specifically designed to suit the unique requirements and operations of mid-sized BFSI customers.
During the last few years, banks have faced new risks and challenges including increasingly complex regulatory requirements, rising compliance costs, and unsatisfactory regulatory exams. In addition, the integration of the Office of the Thrift Supervision (OTS) into the Office of the Comptroller of the Currency (OCC) has raised the bar for small and mid-sized banks from a risk management perspective. Meanwhile, the Consumer Financial Protection Bureau (CFPB) has released additional consumer protection requirements, leading to an exponential increase in the number and complexity of GRC requirements. It has also increased the need for mid-market organizations to drive efficiencies by leveraging existing risk and compliance information in a more streamlined fashion.
At this juncture, it has become imperative for mid-sized organizations to put in place a GRC program that is cost effective and easy to use, but robust enough to fully manage today's GRC requirements, as well as those to come. To that end, many mid-sized organizations are turning to MetricStream's integrated GRC solution suite to gain a consolidated, enterprise-level view into their practices and processes around risk management,Risk Control Self-Assessments (RCSA), policy management, internal audits, compliance management, consumer complaint requirements, regulatory exam preparation, IT GRC, and vendor governance.
The MetricStream solution suite helps mid-sized BFSI customers eliminate functional silos, minimize manual processes, and improve productivity while reducing the overall cost of compliance. In doing so, MetricStream customers are able to demonstrate to senior management and the Board of Directors a significant and sustainable return on investment (ROI).
MetricStream has established itself as a leading GRC solutions provider for mid-sized BFSI customers based on a strong value proposition, which includes:
- Out-of-the-box functionality: Pre-configured workflows and embedded reports provide a "plug and play" capability that reduces the time needed for implementation.
- Pre-loaded content: Pre-loaded industry regulations and libraries provide access to industry best practices.
- Simple to use: Intuitive user interfaces and minimal clicks per functionality enable customers to quickly access information while also reducing the time required to train system users.
- GRC via Cloud: MetricStream's hosting model can be implemented quickly, and takes the pressure off banks who have limited resources to manage IT hardware and software.
- Flexible pricing: In addition to an on-premise solution, MetricStream also provides a subscription license model option that eliminates the need for up front capital expenditures.
- Scalability through an integrated platform: MetricStream solutions are built on an underlying GRC platform which allows mid-sized BFSI customers to extend the solution from one functional area to another (e.g. risk management, internal audit, IT-GRC) without having to invest in expensive system integration initiatives.
MetricStream's success with mid-sized BFSI customers can best be summarized by the customers themselves. Said Greg Seibly, CEO of Sterling Bank, "As we position our company for the future, we recognize the need for an integrated view of risks and controls. We conducted in-depth assessments of various vendors and products, and are delighted to finally select MetricStream as our GRC solution provider. We think they offer a product that represents a best in class offering and is consistent with our objective to be one of America's great community banks."
In 2012, another MetricStream customer, the Federal Home Loan Bank of Chicago, won the prestigious Open Compliance and Ethics Group (OCEG) GRC Achievement Award. The bank was recognized for its integrated risk and control re-engineering project that was ably supported by the MetricStream GRC platform.
"Today, MetricStream's GRC solutions are being deployed on a large scale by mid-sized commercial banks, thrift banks, and regional and community banks," said Susan Palm, Vice President of Industry Solutions at MetricStream. "It is a testament to the ability of our solutions to help these organizations thrive on risk in a tough economic environment. Through a rich combination of content and some of the most advanced technology, offered through cost-efficient models, we are enabling mid-sized BFSI customers to manage their GRC processes on par with many of the largest and most renowned financial services institutions."
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions for global corporations. MetricStream solutions are used by leading corporations such as UBS, P&G, Constellation Energy, Pfizer, Philips, BAE Systems, Twitter, SanDisk, Cummins and Sonic Automotive in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-tech and Manufacturing to manage their risk management programs, quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as several million compliance professionals worldwide via the www.ComplianceOnline.com portal. MetricStream is headquartered in Palo Alto, California and can be reached at www.metricstream.com.
Mr. Vinay Bapna
This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.
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